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Do You Need to Hire an Attorney If You Are a Trustee?

There have been multiple changes in the trust law over the last few years and it has grown more popular since then. Now you can commonly find a trust included in an average estate plan. Today, trusts have evolved to the point that they are capable of accomplishing specific estate planning goals. All these trusts have something in common and that is they need a trustee who will handle the administration of the trust. 

So, if you recently came to know that you have been made a trustee of the trust and this is the first time you are holding this responsibility, it is important to thoroughly know the ins and outs of your position. And, this is where an attorney can help you out. 

Here are the reasons why you need an attorney to work for you if you are a trustee.

Understanding the terms of the trust

A trust always has the inclusion of complex terms which might be tough for a trustee to understand or even abide by. These terms are mostly written by attorneys and are inclusive of many legal terms. Without the assistance of any trust administration attorney, the concepts might get difficult for an individual to understand.

Explaining the law

Usually, state laws govern the trusts but there might be the presence of federal laws too that will be applicable. As a trustee, it is expected of you to understand all of these laws and administer the trust likewise. Violating any of them might prove dangerous for you and the trust.

Conflicts with the beneficiaries

If you happen to be the relative of the trust settlor, the spouse, or even the child, there are high chances that you will know the trust beneficiary very well. There are also chances of conflict at any point during the trust administration. The presence of an administration attorney can ease the situation and will help you to focus on the necessary priorities.

Trust Litigation

A trust is always considered a separate legal entity. This also means that the trust might get easily embroiled in litigation for several reasons. A trust can be similarly contested for just like a will. The trustee must defend the trust in case of ensuing litigation. Also, beneficiaries might be able to revoke or terminate the trust at any point.

Things can be complex when you are a trustee. That is why working with a highly experienced Trust law firm Litvack Dessureault LLP can streamline all the complexities for you.

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